Here are today’s trends to watch from Curve Market Cap.
If you’re not following the Gamestop ($GME) battle, you are missing the greatest show of our lifetime. Grab popcorn and keep a log, there’s no better way to use your time.
The surface-level story is a showdown the US stock market between retail investors and hedge funds. At its core is a fairly routine short squeeze:
This particular story carries a bit more oomph on the internet, as it may be the largest market move ever to originate from a meme factory:
To anybody who follows cryptocurrencies, the Straussian interpretation of this story is quite clearly one of inevitable decentralization.
ETH-heads will surely grouse that during every mainstream moment for decentralization, the attention moves to Bitcoin as opposed to other cryptocurrencies.
In fact, Bitcoin is relatively clunky engine. Most of DeFi is basically built on Ethereum, and ever newer alternatives are emerging to address ETH’s shortcomings.
Nonetheless, the popular focus is on Bitcoin’s censorship resistance, and we do indeed notice some Bitcoin pools shooting up in volume on Curve amidst this story.
The largest activity is on the REN pool, with volume jumping to 1.5K BTC daily and passing 1% APY on trading fees for the first time in a week. sBTC pool also saw a nice spike in volume thanks to some large ETH to BTC transactions. These pools account for half of the top four pools by volume on Curve.
These two pools are the currently best place to earn raw BTC from trading fees, but in terms of total rate of return BTC holders should also do their own research on the Huobi BTC or Binance BTC pools, which can provide, respectively, up to 86% or 179% returns from the accrued $CRV.
For more info, check our live market data at https://curvemarketcap.com/ or our subscribe to our daily newsletter at https://curve.substack.com/. Nothing in our newsletter can be construed as financial advice.